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March 2020 Investor Presentation – TORC Oil & Gas Ltd.

TORC Oil & Gas Ltd. · Mar 3, 2020 · 35 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 1
    Corporate Presentation March 2020 1
  2. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 2
    CORPORATE SNAPSHOT TSX: TOG Market Summary Basic Shares Outstanding 222mm 2020e Production Average Daily Volume1 1.6mm shares Average: 28,500 boe/d Market Cap / Enterprise Exit: 28,500 boe/d 0.9bln / 1.3bln (88% liquids) Value…
  3. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 3
    Proven Strategy Per share growth Competitive advantage through organic Capital efficiencies development & strategic acquisitions Cash costs Operational Integrated Expertise Approach Financial Sustainability Flexibility Long-term…
  4. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 4
    Strategic Priorities Free Cash Flow Managing a Cyclical Business Dividend Balance sheet strength is key Focus on asset quality / capital Organic Growth efficiencies Manage decline profile for sustainability Asset…
  5. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 5
    Balanced Light Oil Asset Base Low decline, high netback, light oil assets Southeast 400 net undrilled conventional Saskatchewan locations Alberta Saskatchewan Conventional 94% liquids Significant management experience in area…
  6. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 6
    SE Saskatchewan Conventional Cash Flow Engine Conventional Pools Large Oil-in-Place1 5 to 100+ mmbbls Depth 1,000 2,000m Oil Quality 30-40 API Well Spacing 75 150m inter-well Undrilled Locations2 400 net Booked Locations…
  7. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 7
    SE Saskatchewan Conventional SE Saskatchewan - Conventional Conventional Mississippian: Stacked, discrete flow units, Frobisher: Open hole excellent rock properties Multi-leg wells - mile hz Trap: Subcrop, shoals and buried…
  8. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 8
    SE Saskatchewan Conventional Cash Flow Engine 200 Conventional 50 mbbl Curve Economic Parameters1 180 Average DCE&T 1.0mm 160 IP 365 46 bopd 51 boepd 140 Reserves 50 mbbls 55 mboe Production Rate, 30 Day Avg (BOPD) 120…
  9. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 9
    SE Saskatchewan Conventional SE Saskatchewan Conventional Wells Drilled vs Inventory 400 350 Inventory has been expanded 300 through high quality acquisitions 250 Well Count 200 Extensive experience in area drives 150…
  10. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 10
    Torquay / Three Forks Light Oil Resource Play Large Oil-in-Place1 5 mmbbls / section 50 net prospective Land sections Depth 2100 2300m Oil Quality 40 API sweet Well Spacing 4 wells / section Undrilled Locations2 150 net…
  11. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 11
    Torquay / Three Forks Torquay / Three Forks Units 4-6 Units 1-3 Trap: Combination stratigraphic-structural, juxtaposed against Multi-stage fracd Bakken oil generation window Frac height contained to oil bearing units,…
  12. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 12
    Torquay / Three Forks Light Oil Resource Play 250 Economic Parameters1 Torquay 150 mbbl Curve Average - All Wells DCE&T 2.9mm 200 IP 365 97 bopd Production Rate, 30 Day Avg (BOPD) Reserves 150 mbbls 150 Production Adds…
  13. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 13
    Torquay / Three Forks Depth and Quality of Inventory Torquay/Three Forks Wells Drilled vs Inventory 160 Initial footprint was established through 140 2013 strategic acquisition 120 100 TORC exploration program along with Well…
  14. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 14
    SE Saskatchewan Fracd Midale Medium - Light Oil Resource Play Unconventional Pools Large Oil-in-Place1 5.5 to 9.0 mmbbls/sec Depth 1,400 1,600m Oil Quality 26-38 API Well Spacing 5 wells/section Undrilled Locations2 175 net…
  15. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 15
    SE Saskatchewan Fracd Midale SE Saskatchewan - Fracd Midale Unconventional Midale: Low permeability, large OIP, low Multi-stage fracd recovery factor, layered and water flood upside Delineating the Resource Across TORCs Land…
  16. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 16
    SE Saskatchewan Fracd Midale Light Oil Resource Play 250 Midale 85 mbbl Economic Parameters1 Average DCE&T 1.8mm 200 IP 365 84 bopd 108 boepd Production Rate, 30 Day Avg (BOPD) Reserves 85 mbbls 120 mboe 150 Production…
  17. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 17
    SE Saskatchewan Fracd Midale Depth and Quality of Inventory Frac'd Midale Wells Drilled vs Inventory 180 Established primarily through acquisitions in 2015 and 2016 160 140 TORC exploration program along with 120 industry…
  18. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 18
    Cardium Trend Development Drilling Large Oil-in-Place1 5 mmbbls / section Land 100 net light oil sections Depth 1600 2000m Oil Quality 40 API sweet Well Spacing 4 wells / section Undrilled Locations2 290 net Booked…
  19. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 19
    Cardium Trend West Central Alberta - Cardium Cardium Regional shoreface, stratigraphic trap, low permeability halo and discrete pools Land wellbore in upper porosity and geosteer in best quality rock Multi-stage fracd…
  20. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 20
    Cardium Trend Development Drilling 350 Economic Parameters1 250 mboe Curve Average DCE&T 2.8mm 300 IP 365 85 bopd 135 boepd Production Rate, 30 Day Avg (BOEPD) 250 Reserves 155 mbbls 250 mboe Production Adds 20,740 per…
  21. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 21
    Cardium Trend Depth and Quality of Inventory Cardium Wells Drilled vs Inventory 300 Maintaining inventory through 250 tuck-in acquisitions replacing 200 annual drill program Well Count 150 Sustainability and…
  22. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 22
    SUSTAINABILITY ANALYSIS Sustainability Highlights Production Run Rate Production boepd 28,500 Decline Rate % 23.0% Run rate production of 28,500 Annual Production Decline boepd 6,555 boe/d (88% oil & NGLs) Dividend Payout o…
  23. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 23
    Sustainability Analysis Commodity Sensitivity Base Production 28,500 boe/d WTI (USD) 45.00 50.00 55.00 60.00 65.00 FX (US/C) 0.75 0.75 0.75 0.75 0.75 WTI (C/bbl) 60.00 66.67 73.33 80.00 86.67 Edm Lt v s C WTI Differential (/bbl) *…
  24. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 24
    Balance Sheet Strength 500 350mm net debt (Year-End 2019) 450 400 350 303mm drawn debt (Year-End 2019) 300 250 mm 200 500mm bank facility 150 100 50 0 Q4 '14 Q4 '15 Q4 '16 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18…
  25. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 25
    Dividend + Disciplined Growth Checklist Sustainability of the business model driven by: Decline rate 23% Operating netback1 34 Capital efficiency (all-in IP365) 29,000 per boe/d (2020 budget) Strong balance sheet 350mm net…
  26. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 26
    Investment Summary Low decline, high netback Focused, light oil asset base production base Sustainable yield All-in payout ratio targeted below 100% Opportunity for CPPIB to support future Strategic relationship growth and / or…
  27. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 27
    Corporate Information Management Banks Analyst Coverage Brett Herman Bank of Montreal AltaCorp Capital - Patrick O'Rourke President & Chief Executive Officer The Toronto-Dominion Bank BMO Capital Markets - Ray Kwan Jason Zabinsky…
  28. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 28
    Appendix 28
  29. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 29
    Reserves 2019 Year-End Reserves Reserves Summary Oil Gas NGLs Total % Oil % Liquids RLI mbbl mcf mbbl mboe % % yrs PDP 44,176 46,000 3,641 55,484 80% 86% 5.4 Total Proved 71,378 81,531 5,879 90,845 79% 85% 8.8 P+P 108,782 131,288…
  30. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 30
    2020 Capital Program 190mm Capital Spending Investing in higher rate of return, lower risk light oil opportunities Strategically investing in infrastructure projects that achieve both economic returns and environmental benefits…
  31. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 31
    Wells Drilled Corporately Depth and Quality of Inventory Total Wells Drilled Depth of Inventory Across All vs Inventory Core Areas 1000 25% 900 Each location thoroughly scrutinized through detailed evaluation by the technical…
  32. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 32
    Hedging Current Hedge Summary (C/Bbl) Volume (Bbl/d) Type Low High Index Oct 1, 2019 Mar 31, 2020 500 Collar 60.00 92.95 CWTI Jan 1, 2020 Mar 31, 2020 500 Collar 60.00 88.50 CWTI Jan 1, 2020 Mar 31, 2020 500 Collar 60.00 89.00 CWTI…
  33. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 33
    Modeling Assumptions Production: 2020 Avg/Exit: 28,500 boepd (88% oil & liquids) Per Share: 0.30 per share Annual Dividend: Total: 67mm Average Royalty: 17-18.0% 2020 Cash Flow OPEX & Transportation: 14.30 Assumptions: G&A:…
  34. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 34
    TORC Crude Oil Marketing Canadian Market Access TORCs production is 88% light oil and liquids High quality crude oil (average 35 API) 85% of oil production is downstream of Cromer MB Cromer volumes flow on Enbridge Line 65…
  35. March 2020 Investor Presentation – TORC Oil & Gas Ltd. – slide 35
    Significant Cornerstone Investment from CPPIB CPPIBs Relationship Investments group provides long-term strategic capital to select companies CPPIB believes are positioned to be leaders in their respective industries Strategic…

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